Hexcel Posts Mixed Q3 Results; Shares Drop 1.4%
Shares of Hexcel Corporation (HXL) declined 1.4% in extended trade on Monday after the company reported mixed results for the third quarter of 2021.
Hexcel Corporation develops, manufactures and markets advanced composite materials for the commercial aerospace, space and defense, and industrial markets. (See Hexcel stock charts on TipRanks)
Hexcel’s adjusted earnings of $0.13 per share came much ahead of the Street’s expectations of $0.08 per share. The figure also compares favorably with adjusted loss of $0.29 per share reported in the year-ago quarter.
Revenue in the third quarter jumped 16.3% year-over-year to $333.8 million, surpassing the analyst’s expectations of $348.7 million.
The Chairman, CEO and President of Hexcel, Nick Stanage, said, “As a team, we are excited about the aerospace recovery as we prepare for a significant step-up in demand in 2022 and continued growth ahead, supported by the secular adoption of composite lightweighting and Hexcel’s broad and expanding product portfolio, and deep customer relationships.”
On October 7, Jefferies analyst Sheila Kahyaoglu maintained a Hold rating on Hexcel with a price target of $60 (0.3% downside potential). Kahyaoglu expects the company to report earnings of $0.03 per share for the fourth quarter of 2021.
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Consensus among analysts is a Hold based on 5 unanimous Holds. The average Hexcel price target of $58.25 implies 3.2% downside potential from current levels.
HXL scores an 8 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.
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